6.11 Bitcoin failed to break through! The plunge started! When to go short?
In the previous article, we thought that Bitcoin was likely to break through the key upper resistance and rise strongly, but in the evening of the same day, there was a wave of news, which we could not have expected!
That is, the United States announced the non-farm payrolls in May in the evening. The data released at that time was higher than the previous market expectations. Of course, this is good news for the American society, but for the Federal Reserve, they will think that the current benchmark interest rate is appropriate, so they will postpone the interest rate cut. We all know that interest rate cuts are actually a big release of money, and more funds will flow into the investment market. Then the postponement of interest rate cuts means that large funds will enter the market later, so it is bearish for the current Bitcoin, and then the price began to plummet.
After a few days of sideways trading, the subsequent price began to break down again in the morning of today. The current price has fallen below 68,000.
Then from the current daily situation, the position where the price fell at this time is still supported, which is a trend line support level, as shown in the figure. So from the current situation, it is not very suitable to go short directly. Of course, if you went short when it was sideways before, I think you can still hold this short order now.
But if you didn't go short before, I think going short now is going to be short on the floor, which is more dangerous! If you want to continue to go short, you can wait for the price to continue to break down, and then try it in the short term. It will be better to go short after breaking this key trend line support!
Then I also drew it on the chart. In fact, after breaking this current trend line, the price still has a lot of room to fall. After breaking this trend line, our next downside target can be seen from this trend line below.
#BTC走势预测
